The Hindmarsh family are looking to leave their beloved Criterion Hotel Gundagai, putting it to market amid the boom for strong regional pubs.
Conveniently located around halfway between the capitals, Melbourne and Sydney, Gundagai is a NSW landmark of close to 4,000 people, known for its iconic ‘Dog on the Tucker Box’ statue and song reminiscing driving an old Holden into town.
The Criterion is a striking, multi-level red brick building with Art Deco features, situated on a large 2,500sqm corner block of main road Sheridan Street.
Inside offers a public bar with wood box fireplace, adorned with original murals depicting bushrangers and the 1852 flood through the pub, a sports bar with TVs, pool tables and TAB, a big rear all-weather deck, and gaming room with 10 machines, under a 3am licence.
Upstairs there are 14 pub-style accommodation rooms, and on lower-ground the town’s only drive through bottleshop, branded a Bottlemart.
It also benefits from limited local competition. It is one of only two hotels in town with gaming, ranked around #820 on the L&G list of NSW pubs, and the only one to offer TAB facilities.
For more than 20 years it has been the day-to-day of the Hindmarsh family, who have owned it since mid-2000.
David Hindmarsh is in the retirement age bracket, and after so long says he’s not in a hurry to leave but has put the pub up for offer as the lure of taking a rest gains momentum.
The Criterion has been averaging $70k in weekly revenue this calendar year, with some weeks, such as around Easter, topping $90k. Takings are said to be proportionately derived from food and beverage, gaming, accommodation and a strong performance from the bottleshop.
Outside of the current post-pandemic travel trends and broader migration out of metro, this part of NSW is set to benefit from the massive Snowy 2.0 scheme, and increased desirability of the region. The nearby Sir George Hotel of Jugiong, 40 kilometres north of Gundagai, has found a roaring trade through its boutique f&b offering.
Agents suggest there is clear upside at the Criterion in its huge licensed area, extending to the periphery of the property’s border, and the potential to build on the accommodation offering.
The Hotel is likely to see sale price of circa $5 million.
It has been brought to market for the Hindmarshes by JLL Hotels’ Kate MacDonald and Greg Jeloudev.
“There is upside to be realised in multiple areas, including increasing the use of the existing rear lawn to create a beer garden or funky event space,” suggests Jeloudev.
The freehold going concern of the Criterion Hotel Gundagai is for sale via Expressions of Interest, closing Wednesday, 5 May.
